Look beyond profits during pandemic times

NEW STRAITS TIMES. 29TH NOVEMBER: Penang has the country’s second-highest property overhang, with 4,683 completed housing units worth RM3.66 billion.

According to Jagdeep Singh Deo, chairman of the State Housing, Local Government, Town and Country Planning Committee, there are many unsold units because the projects are too expensive.

Jagdeep said Johor ranked first with 6,509 unsold properties worth RM4.89 billion.

The Federal Territory of Kuala Lumpur came in third with 3,863 unsold units worth RM3.1 billion and fourth was Selangor with 3,367 units worth RM2.9 billion.

“In the current economic environment, where all parties are affected by the Covid-19 pandemic, developers should be aware of the opportunity to build more affordable homes.

“What’s the point of them building a house priced at RM300,000 and above, or up to RM1 million, if it can’t be sold because most people can’t afford it? We need to build more affordable homes.

“I always tell developers that they must look beyond making profit, but we have to help everyone, especially during pandemic times, because the economy has been affected,” he said.

When debating the Supply Bill 2022 and the 2022 Development Budget Proposal today, Jagdeep stated that only 347 units, or seven per cent of the total unsold housing units in Penang are affordable houses priced at RM300,000 or less.

He attributed the remaining 93 per cent of unsold properties to Penang’s ‘sky-high’ property prices.